To get your customers on the fast track to making a sale, marketers must access more platforms than ever before to interact with consumers. Being everywhere allows consumers to engage with the brand through multiple channels and touchpoints to cover every stage of the buyer’s journey.
Doing this enables businesses to increase the likelihood of consumers making a purchase and engaging in repeat purchases. This is the bread and butter of marketing to determine which platforms are most successful in generating leads and converting customers, as well as the reason why.
Only when we have this information can we effectively implement a marketing strategy that accurately forecast the effects of increased or decreased spending on each platform. Now getting this kind of information can be difficult, to have to sift through cobbled data from different sources and crunch the numbers and more- but not any more thanks to marketing attribution.
Marketing attribution is a reporting approach that allows marketers and sales teams to see the influence that marketers had on a certain goal, usually a purchase or sale. For instance, marketers may utilize marketing attribution strategies to determine how a blog post or social media campaign affected sales.
And because of this operational marketing responsibilities are getting more and more complicated since there are so many touchpoints to take into account. Fortunately, numerous marketing attribution models that take into consideration multi-channel selling have been developed and implemented since the digital explosion.
In single-source attribution models, one touchpoint typically the first or last touch receives all the credit. First-touch marketing attribution is simple to use (by simply labeling the lead source and attributing it to the final conversion), but it ignores any customer interactions that occur after the first touch, which affects how effective other channels are seen to be.
The model makes it very simple to determine where to give credit because it’s the last touchpoint before the ultimate transaction. In actuality, this might be the last sales call or pitch deck. However, it doesn’t take into consideration any previous contacts (such as the prospect’s visits to websites or communications with the lead qualifying team), therefore it overlooks important information about other effective marketing channels.
This model counts and values each interaction a contact had before a crucial stage in their journey. Because they enable marketers to identify the precise marketing and sales effort that resulted in a conversion in your flywheel, multi-touch attribution reports are useful.
Contact create attribution tracks contacts’ activities in your CRM up until the point of creation.
Revenue attribution analyses and tracks the path taken up until the point at which a lead becomes a customer.
This last model enables you to take into consideration all interactions throughout the sales cycle. Weighted attribution models are exceedingly challenging to implement, even thoughthat they produce the most accurate representation of the customer journey.
Weighted touchpoint modeling allocates a portion of a customer’s revenue credit to a variety of touchpoints that are specified by the specific multi-touch attribution model that the company has selected.
The paths customers follow to complete conversions are displayed in attribution reports, which also offer insights into how your various advertising campaigns interact to result in conversions.
This particular form of marketing attribution shows how marketers have an impact on the number of leads in a given campaign.
We’re talking about leads that, despite not being sales, are nonetheless crucial since they represent how marketing content or techniques are attracting prospects or new audiences that may very well result in sales or new target advantages.
This is another particular marketing attribution that is relevant to business-to-business (B2B) transactions. B2B attribution may refer to larger purchases from companies, memberships, or leads while business-to-consumer (B2C) attribution may relate to smaller transactions.
In general, the company determines whether a model is successful. It’s just a matter of testing and evaluating the marketing attribution models to find the one that works best for your company using a variety of tools and good old-fashioned trial and error.
The business will consistently budget for and support whichever touchpoint you assign value to maintain good performance, which will cause upstream channels to appear ineffective. By demonstrating value across all worthwhile channels, you can use multi-channel attribution strategies to persuade your budget keepers to allot additional money.
Always keep in mind that whatever touchpoint you attribute value to will be budgeted for and supported by your business. And with multi-channel attribution techniques, you can show value across all valuable channels, to help decision-makers to allocate more funds to these channels.
Now that we’ve covered the basics, let’s get your marketing attribution moving. If you’re having challenges or don’t know which model is best for you, help is just a phone call away at 800-362-1084.
Call or send us a message to find out how to advance your projects faster and increase your returning customers with a team that you can trust.
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